Didactic Minute: Panic over Proposed Tax Changes
Hey friends, it’s Jon from Financial MD. Welcome to today’s Didactic Minute. Now some of you that are keeping up with financial news and other things especially things that are coming out of the government may have seen some hints of the proposal that the Biden administration is offering up to bring some changes to the tax laws. Now in 2017, the Trump administration brought some tax law changes some pretty big ones that cut taxes for a lot of people, lower tax brackets, save taxes for some corporations, and now the Biden administration is looking to undo some of that as well as add some other things to raise taxes especially on those making over 400,000 dollars. So why is this important to you?
Well, as a physician, you may be just a resident still, a med student, young attending, maybe you’re not quite at that income point but this is something to be paying attention to because these things will affect you at some point and you need to be looking at it. Now, at this point in the game, what I want to tell you is there’s really no changes to make right now. If you’re watching this video, it is Thursday, September 16th, nothing has been passed yet but when they do pass things, there may be things that are effective immediately or effective by the end of this year.
So as of today, there’s no need to panic. Learn what might be changed. Don’t spend too much time on it. When things become finalized, you’ll have enough time. There will be some resources. Here at Financial MD, we’ll put out some tips and things that are going to pertain to you as physicians especially as employees of practices or hospitals. For those of you that are practice owners, have a partner, self-employed, there’s some changes that will affect that as well.
So don’t panic but stay informed. Keep on the Facebook page and the group here. Follow us on Twitter and Instagram and we’ll be updating these things as we know them.
This is Jon from Financial MD. We’ll see you next time.